Newland, Bondholders Take Restructuring Step

Newland, Bondholders Take Restructuring Step

Panama Bonds Corporate & Sovereign Strategy

Newland International Properties, the developer of the Trump Ocean Club Hotel & Tower (TOClub) in Panama, has agreed with holders of $220m in project bonds on an initial step towards a long-awaited restructuring deal. The parties have decided to amend the indenture of the outstanding 9.50% 2014 bonds, to allow Newland to tap funds from the collection account – an account used to cover the bonds’ interest and capital payments – to finalize the construction of TOClub. The real estate project is cu

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